Why do you think the words are connected 'I-touch', as indicated by the hyphen?
Is this some new-age variant like iPhone, iPod?
That doesn't change the pronunciation of the 'ou' in 'touch'.
Good old Google:
iTouch PLC was founded in 1995 and floated on the London Stock Exchange in August 2000.
Still the same, I + touch, (such)
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